Heritage Oil and TISE Form JV in Russia

Heritage Oil Corporation has entered into an agreement with TISE Holding Company to establish a joint venture company in Russia.

TISE-HERITAGE NEFTEGAS will be a 50/50 jointly owned, jointly managed company that looks to appraise and jointly acquire oil and gas opportunities in Russia and internationally. The shareholders of TISE include Concord, Zarubejneft, Zarubejneftegas (a wholly owned Gazprom subsidiary), Technopromexport and Zarubejstroymontaj.

Tony Buckingham, Heritage's CEO stated, "This strategic partnership substantially raises our profile in Russia, beyond our existing 95% interest in the Zapadno Chumpasskoye field. This joint venture should give Heritage the ability to appraise and acquire larger oil fields with highly attractive reserves. The profile, strength and stature of TISE and its shareholders should ensure that all of Heritage's operations in Russia are undertaken in the most efficient and transparent manner."

Heritage is an international oil and gas corporation with a producing property in the Sultanate of Oman, a development property in Russia and exploration projects in the Republic of Uganda and the Democratic Republic of Congo. Through its subsidiary KPC, the company is pursuing opportunities in the Kurdistan region of Iraq while Heritage Middle East is focusing on the other regions of Iraq.